Free Cash Flow

Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.

Balance Sheets as of December 31
	2016		2015
Assets
Cash and equivalents	$12,000		$11,000
Accounts receivable	35,000		30,000
Inventories	32,480		29,000
Total current assets	$ 79,480		$ 70,000
Net plant and equipment	51,000		49,000
Total assets	$130,480		$119,000
Liabilities and Equity
Accounts payable	$10,200		$9,500
Accruals	8,000		6,000
Notes payable	6,700		5,150
Total current liabilities	$ 24,900		$ 20,650
Long-term bonds	15,000		15,000
Total liabilities	$ 39,900		$ 35,650
Common stock (4,000 shares)	50,000		50,000
Retained earnings	40,580		33,350
Common equity	$ 90,580		$ 83,350
Total liabilities and equity	$130,480		$119,000

Income Statement for Year Ending December 31, 2016
Sales	$226,000
Operating costs excluding depreciation and amortization	180,000
EBITDA	$ 46,000
Depreciation & amortization	3,000
EBIT	$ 43,000
Interest	3,500
EBT	$ 39,500
Taxes (40%)	15,800
Net income	$ 23,700
Dividends paid	16,470

Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000.

What was net operating working capital for 2015 and 2016?

2015	$ million
2016	$ million

What was Arlington's 2016 free cash flow?

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